The Dow on Wednesday suffered its worst one-day fall of the year, before recovering slightly on Thursday, reassured by strong U.S. retail sales and Walmart earnings.

“We’re ending a turbulent week on a more positive note,” said Craig Erlam, senior market analyst at Oanda trading group.

“The calendar may be a little thin (on Friday) but the yield curve inversion has spooked a lot of people this week and that may become very apparent again heading into the close.”

The yield on the 10-year U.S. Treasury bond slid Wednesday below the yield on the two-year note, meaning the short-term interest rates were higher than long-term ones.

The so-called inversion phenomenon is viewed by markets as a reliable harbinger of recession.

Economists have warned for months that trade tensions would drag down investment, which was already suffering owing to China’s economic slowdown and fears of Brexit’s impact on Britain and Europe.

The tensions have already hit global demand, with data this week showing China’s industrial output had plummeted to a 17-year low. Pro-democracy protests in Hong Kong were adding to the jitters.

Cathay Pacific on Friday announced the shock resignation of its chief executive Rupert Hogg, days after the Hong Kong carrier was censured by Beijing because some staff had supported pro-democracy protests in the city.

But the pound continued its recovery, “aided by a series of better-than-expected (UK) economic releases in recent days,” helping to offset Brexit uncertainty, according to David Cheetham, chief market analyst at XTB trading group.

The euro faltered, however, on expectations that a European Central Bank stimulus program to be announced next month could be larger than expected.